LUCKY YOU!  If you’re a first time home buyer OR, if you’ve owned and occupied your current home for 5 years or more – it’s about time for you to collect your TAX CREDIT!

Extending the Credit – Almost There

The extension and expansion of the homebuyer tax credit is the pending business in the Senate. After a long week of negotiation on the credit, an agreement on the scope of both expansion and extension has been reached. The extension is part of a larger bill, however. A Senate vote on the underlying bill will occur in the Senate during the week of November 1. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature.

HERE ARE THE DETAILS of the agreement on the extension and expansion of the credit:

• Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
• Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
• New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
• Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
• New anti-fraud limitations are imposed.

The White House has indicated that President Obama will sign the legislation.

With LOTS OF INVENTORY to choose from, LOWER PRICES (the median sales price in Pocatello ID is down nearly $7000) and EXCELLENT INTEREST RATES, there’s never been a better time to be a buyer in the Pocatello area!  Give me a call with any questions and LET ME HELP YOU!